Why Every Business Owner Needs A Life Plan
What is a life plan?
You may know what a business plan is and already have one (you should).
But a life plan?
Has anyone ever spoken to you about this?
No.
Thought not.
A life plan is made up of three essential components.
A personal budget – knowing how much money you need to live the lifestyle you want now.
A business plan – designed around building your business to provide you with the lifestyle you want now and in the future.
A personal retirement plan – knowing when you want to retire and how much money you will need.
Central to all of this is tax efficiency which enables to maximise the value you can extract from your business now and in the future for the benefit of you and your family.
Once you have a life plan you will have clarity over what you want and what you need to do to get it
You will have the peace of mind from knowing:
- How much money do I need to earn now to provide for my family?
- How much profit does my business need to generate to provide for me and my family?
- How much money I need when I retire and what I need to do to have it.
Having clarity and peace of mind from knowing how our businesses are performing and where they are going means we’re less stressed and can enjoy time away from the business much more.
This is as important now as when we first published this post last year when Covid-19 restrictions were being lifted. Take advantage of any opportunity you get to spend quality time with friends and family.
If you’d like a free 30 minute meeting to discuss how we can help you run the business you want so you can have clarity and peace of mind, please get in touch.